Bank of America Corp. announced that it has reached agreements with several states to resolve outstanding claims against Countrywide Financial Corp. The announcement indicated BoA will provide up to $8.4 billion in interest rate and principal reductions to systematically modify loans for nearly 400,000 troubled borrowers. "The Countrywide settlement will likely become the largest predatory lending settlement in history," a statement from California's attorney aeneral said.
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A skit on the latest Saturday Night Live provided a humorous but comprehensive overview of the mortgage crisis. It started with joint speeches by a clueless President Bush, a condescending House Speaker Nancy Pelosi and a grossly lisping House Financial Services Committee Chairman Rep. Barney Frank. The Pelosi character introduced subprime victims, including two men who qualified for loans with no credit, no job, criminal records, drug problems and gambling problems. One said he was a double vi
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Third-quarter production was $58 billion at Bank of America Corp., earnings data indicated. Fundings, including prior activity from Countrywide Financial Corp., sank from $93 billion in the second quarter. During the third-quarter 2007, combined volume was $142.6 billion.
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From July 1, 2008, to Sept. 30, 2008, MortgageDaily.com tracked 10,131 U.S. mortgage layoffs and 996 mortgage hirings. The net job losses of 9,135 tumbled from losses of 49,451 during the third-quarter 2007. Still, job losses nearly doubled from the second quarter's net job losses of 4,578.
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The government should invest in the major banks of New York and elsewhere and essentially take them over and run them for a few years, and then sell off its stake to private investors, an economist says.
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The number of people working in the mortgage industry was 349,100 during August, according to data released by the Bureau of Labor Statistics. Employment fell from July and the prior August. However, the number of mortgage and nonmortgage loan brokers accounted rose.
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H.R.1424, the Emergency Economic Stabilization Act of 2008, was signed today by the president Friday. The bill was passed earlier in the date by the U.S. House of Representatives. Today's passage and signing followed a 74 to 25 approval vote in the Senate on Monday.
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Bankruptcy was filed by more than 88,000 consumers during September, the American Bankruptcy Institute reported. Filings fell from more than 95,000 in August, the group said. But filings were nearly 30 percent higher than a year earlier.
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Data Warehouse and MarketerNet Holdings LLC have merged to create Tranzact Information Services LLC, a statement from the companies' parent said. LeadMailbox has added a feature that enables originators to direct prospective borrowers to realtors, a press release said. Mortech was recognized as innovator of the year at the 2008 LendingTree Partner Summit, a recent press release said.
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